Speculations around gold prices have remained high in the international market as investors eye inflation data from the US Federal Reserve. Gold rates in Dubai, which follows international pricing, slipped on Friday, January 27, in the morning trading session. Continuing its bumpy ride this week, the cost of 24-carat gold fell by Arab Emirate Dirham (AED) 1.75 or Indian Rupee (INR) 38.87 per gram. A gram of this variety traded at Dh 232.75 or Rs 5,170.35. According to Gold and Jewellery Group’s data, a gram of 24-carat gold in the City of Gold costs Dh 233.25 or Rs 5,149.12. The price of the 22-carat variety for the same quantity was Dh 215.50 or Rs 4,785.84, also down by Dh 1.75.
In the morning trading session on Friday in the United Arab Emirates (UAE), the 21-carat and 18-carat gold rates also plunged by Dh 1.75 per gram. A gram of 21-carat gold costs Dh 208.75 or Rs 4,635.73, the price of 18-carat gold stood at Dh 178.75 or Rs 3,969.15. An ounce of gold in Dubai cost Dh 7,057.41 or Rs 156,715.32, down by Dh 55.05 or Rs 1,222.42. On the other hand, a kilogram of silver cost Dh 2814.51 or Rs 62,496.65 in the Gulf Tiger.
Dubai, well-known as the City of Gold, sees thousands of people flocking to its gold market to make purchases. Baniya Street, Gold Souq, and Meena Bazaar are popular destinations amongst Indian buyers wanting to buy gold. Customers prefer buying precious metals here due to the low prices prevalent in the country.
Buyers have to pay no taxes on the purchase of gold bars, and the 5 per cent value-added tax (VAT) on the purchase of jewellery and other items is one of the lowest in the world. Foreign passport holders can get this charge waived, too, by presenting their passports. This essentially makes the purchase of precious metals in Dubai tax-free.
Additionally, the availability of cheap labour available in the country means low making charges and good scope to negotiate with them to get the best deal.
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